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LAW OF COMPARATIVE ADVANTAGE: A basic principle that states every nation has a production activity that incurs a lower opportunity cost than that of another nation, which means that trade between the two nations can be beneficial to both if each specializes in the production of a good with lower relative opportunity cost. While this law is fundamental to the study of international trade, it also applies to other activities, especially the specialization and the division of labor.
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FEDERAL RESERVE BANKS A network of 37 government banking institutions that are part of the U.S. Federal Reserve System and are responsible for supervising, regulating, and interacting with commercial banks and carrying out the policies established by the Federal Reserve Board of Governors. Federal Reserve Banks are often termed bankers' banks in that they provide banking services to commercial banks. The 37 separate banks--12 District Banks and 25 Branch Banks--spread across the country are what help make the Federal Reserve System a decentralized central bank.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a lazy Susan for you dining room table or a set of serrated steak knives, with durable plastic handles. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"When your values are clear to you, making decisions becomes easier. " -- Roy Disney, executive
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GATS
General Agreement on Trade in Services
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